Doha, February 21, 2008:
The Board of Directors of Qatar Fuel (WOQOD) has recommended to distribute QR 7 per share, or 70 percent, as cash dividend to the shareholders for 2007.
WOQOD’s Board of Directors chaired by H E Abdullah bin Hamad Al Attiyah, the Deputy Premier, Minister of Energy and Industry and Chairman of WOQOD’s Board of Directors met on Tuesday, February 19, to approve financials of the company in 2007.
Talking of the company’s robust financials last year, its Vice-Chairman and Managing Director, Mohamed Turki Al Sobai said net profits had reached QR 616m as compared to QR 431m in 2006, showing an increase of QR 185m, or 43 percent.
Total assets have increased to QR 2,699m as compared to QR 2,230m in 2006, reflecting an increase of QR 469m, or 21 percent.
Total equity has also increased significantly to QR 1,539m as compared to QR 1,017m in 2006, up by QR 522m, or 51 percent.
The remarkable progress which the company has achieved in 2007 is reflected in other major financial indicators, Al Sobai added.
Basic earning per share (after excluding minority interest) has reached QR 20.54 compared to QR 14.4 in 2006, showing an increase of 43 percent.
Al Sobai also highlighted some major accomplishments of the company in 2007 and projects which were under way.